Why Bitcoin price just plummeted under $104k to lowest level since June

Bitcoin extended its week-long decline, sliding to its lowest level since July as renewed US–China trade tensions and heavy fund outflows forced another wave of liquidations across crypto markets.

According to CryptoSlate data, Bitcoin fell over 5% in the past 24 hours to as low as $103,300 after trading near $112,000 earlier in the week. Ethereum also lost ground, falling 9% to around $3,600.

Meanwhile, Binance’s BNB slid 11% to $1,048, while XRP, Solana, Dogecoin, Tron, and Cardano each lost more than 7% during the same period.

Data from Coinglass shows that the sell-off triggered roughly $1.18 billion in leveraged liquidations within the last 24 hours. Notably, long traders speculating on a market rebound incurred most losses, losing about $917 million of the total.

This performance comes a week after the crypto market experienced a significant crash that rattled investor sentiment. On Oct. 10, crypto investors lost nearly $20 billion after President Donald Trump threatened a 100% tariff on China.

What caused Bitcoin’s latest price drop?

The sharp market downturn can be linked to a combination of macro and structural triggers impacting the crypto industry.

Analysts at Bitfinex told CryptoSlate that markets have become increasingly reactive to geopolitical developments. They noted that President Trump’s confirmation of new tariffs deepened fears of economic decoupling.

According to them:

“In the near term, we expect bouts of knee-jerk volatility, with any selling pressure in equities spilling over into crypto, tightening liquidity and weighing on leveraged positions. If yield curves steepen and credit risk premiums widen, BTC could face some profit-taking before resuming any upward trajectory.”

Meanwhile, institutional investors’ sentiment also appears to be souring, with spot Bitcoin and Ethereum exchange-traded funds (ETFs) recording combined outflows of around $600 million.

According to SoSo Value data, US spot Bitcoin ETFs recorded $536 million in outflows on Oct. 16, which is their most significant single-day withdrawal since August.

Ark Invest’s ARKB led the outflows with $275.15 million, followed by Fidelity’s FBTC, which saw $132 million withdrawn. Grayscale’s GBTC and Grayscale Mini BTC products recorded $44.97 million and $22.52 million in outflows, respectively, while BlackRock’s IBIT shed $29.37 million.

Other funds also saw modest declines, including Bitwise’s BITB at $20.58 million and VanEck’s HODL with $6.12 million.

Meanwhile, Invesco’s BTCO, Franklin Templeton’s EZBC, Valkyrie’s BRRR, and WisdomTree’s BTCW reported no net flows for the period.

Considering this, Timothy Misir, head of research at BRN, told CryptoSlate that the shift in ETF demand has turned “a temporary pause into a structural headwind.”

He cautioned that if the combined redemptions exceed $1 billion within 48 hours, or if miner sales resume, Bitcoin could test the $96,000 region before stabilizing.

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